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Sunday, March 26, 2023

U.S. agencies issue a report on the effects of sanctions and caution against supporting Russian military power


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Three US government agencies issued a joint alert outlining the impact of sanctions and export controls on Russia’s defense capabilities, as well as warning countries about the risks of supporting Russia’s military-industrial complex.

The Treasury Department’s Office of Foreign Assets Control, the Commerce Department’s Bureau of Industry and Security, and the State Department issued a comprehensive overview of the numerous actions taken by the United States and its allies in response to Russia’s “unjustified and unprovoked” invasion of Ukraine.

The report stated, “The strategic intent of our actions is to degrade Russia’s ability to wage its unjust war against Ukraine and to prevent Russia from projecting military force beyond its borders.”

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Among the significant actions mentioned in the report are the freezing of approximately $300 billion in Russian central bank assets and the prohibition on exports, reexports, and transfers of multilaterally controlled items to and within Russia and Belarus.

The report also emphasized OFAC’s ongoing efforts to target Russia’s efforts to replenish its weapons stockpiles. The office issued new guidance outlining additional plans to target people outside the United States who provide ammunition or other support to Russia’s military-industrial complex, as well as private military companies or paramilitary groups.

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